Section 12A:9-628 - Nonliability and limitation on liability of secured party; liability of secondary obligor(a) Limitation of liability of secured party for noncompliance with chapter. Unless a secured party knows that a person is a debtor or obligor, knows the identity of the person, and knows how to communicate with the person: (1) the secured party is not liable to the person, or to a secured party or lienholder that has filed a financing statement against the person, for failure to comply with this chapter; and(2) the secured party's failure to comply with this chapter does not affect the liability of the person for a deficiency.(b) Limitation of liability based on status as secured party. A secured party is not liable because of its status as secured party: (1) to a person who is a debtor or obligor, unless the secured party knows:(A) that the person is a debtor or obligor;(B) the identity of the person; and(C) how to communicate with the person; or(2) to a secured party or lienholder that has filed a financing statement against a person, unless the secured party knows: (A) that the person is a debtor; and(B) the identity of the person.(c) Limitation of liability if reasonable belief that transaction not a consumer-goods transaction or consumer transaction. A secured party is not liable to any person, and a person's liability for a deficiency is not affected, because of any act or omission arising out of the secured party's reasonable belief that a transaction is not a consumer-goods transaction or a consumer transaction or that goods are not consumer goods, if the secured party's belief is based on its reasonable reliance on: (1) a debtor's representation concerning the purpose for which collateral was to be used, acquired, or held; or(2) an obligor's representation concerning the purpose for which a secured obligation was incurred.(d) Limitation of liability for statutory damages. A secured party is not liable to any person under 12A:9-625 (c) (2) for its failure to comply with 12A:9-616.(e) Limitation of multiple liability for statutory damages. A secured party is not liable under 12A:9-625 (c) (2) more than once with respect to any one secured obligation.Enacted c. 117, s. 1, eff. 6/26/2001, op. 7/1/2001; amended c. 386, s. 117, eff. 1/8/2002. P.L. 2001, c. 386, s. 127 provides: "This act, P.L. 2001, c. 386, amends and supplements P.L. 2001, c. 117 and shall take effect immediately and shall be applied retroactively to July 1, 2001."